Philadelphia-based development company Eclipse Development recently acquired a prime Fishtown development site and is planning a four-story mixed-use building there, writes Paul Schwedelson for the Philadelphia Business Journal.
Eclipse paid $2.65 million for the vacant Frankford Avenue site, acquiring it from the nonprofit, Lutheran Settlement House.
Plans are calling for 20 apartments and 7,000 square feet of ground-floor retail space at the site. The project would include a mix of studios, along with one- and two-bedroom apartments.
Located at the core of Frankford Avenue’s busy commercial corridor, Eclipse Development’s team are excited about what the development may bring.
“It’s the best corner available for development in Fishtown,” said Eclipse co-founding partner Ryan Kalili said. “Period. End of story.”
The opportunity to attract a retail tenant to the bustling corridor was another source that attracted the developer to the site.
“As opposed to being fixated on a particular type of user, we’re focused on bringing a very high-quality and high-caliber user commensurate with the location,” Kalili added.
Construction for the new development could start next year.
As the seller, Lutheran Settlement House used the proceeds from the sale to buy the North Philadelphia building it uses to operate a family shelter.
Read more new development set to be built on Frankford Avenue in Fishtown in the Philadelphia Business Journal.
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